Elevance Health (NYSE:ELV) Releases Quarterly Earnings Results, Beats Estimates By $1.00 EPS

Elevance Health (NYSE:ELV) issued its quarterly earnings data on Tuesday. The company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.03 by $1.00, Zacks reports. The firm had revenue of $50.09 billion for the quarter, compared to analyst estimates of $49.26 billion. Elevance Health had a net margin of 2.83% and a return on equity of 17.59%. Elevance Health’s revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $8.37 EPS.

Elevance Health Stock Performance

Shares of ELV opened at $350.77 on Wednesday. The stock has a 50 day moving average price of $324.38 and a 200 day moving average price of $354.59. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $78.99 billion, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 1.29 and a beta of 0.59. Elevance Health has a 52-week low of $273.71 and a 52-week high of $458.75.

Elevance Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, December 5th. Elevance Health’s dividend payout ratio is 29.11%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ELV. Guggenheim boosted their price objective on shares of Elevance Health from $360.00 to $398.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Bank of America boosted their price target on shares of Elevance Health from $330.00 to $370.00 and gave the stock a “neutral” rating in a research note on Friday, October 10th. UBS Group cut their price target on shares of Elevance Health from $435.00 to $425.00 and set a “buy” rating on the stock in a research note on Friday, September 5th. Leerink Partnrs lowered shares of Elevance Health from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 17th. Finally, Leerink Partners reiterated a “market perform” rating and set a $310.00 price target (down from $510.00) on shares of Elevance Health in a research note on Friday, July 18th. Ten equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $400.06.

Insider Transactions at Elevance Health

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was purchased at an average cost of $312.15 per share, with a total value of $374,580.00. Following the completion of the acquisition, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This trade represents a 52.13% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elevance Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELV. State of Wyoming acquired a new position in Elevance Health in the second quarter valued at approximately $127,000. Transamerica Financial Advisors LLC boosted its holdings in shares of Elevance Health by 43.9% in the second quarter. Transamerica Financial Advisors LLC now owns 616 shares of the company’s stock valued at $239,000 after acquiring an additional 188 shares during the period. MUFG Securities EMEA plc acquired a new stake in shares of Elevance Health in the second quarter valued at approximately $260,000. Kestra Investment Management LLC boosted its holdings in shares of Elevance Health by 20.8% in the second quarter. Kestra Investment Management LLC now owns 709 shares of the company’s stock valued at $276,000 after acquiring an additional 122 shares during the period. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Elevance Health in the second quarter valued at approximately $363,000. 89.24% of the stock is owned by institutional investors and hedge funds.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.